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Economic Times
IRDA Wants private cos to have a whistle-blower policy  30/05/2009
PRIVATE insurance will have to putin place a "whistle-blower" policy, allowing mployees to raise concerns internally on possible irregularities in financial reporting and governance weeknesses. In a draft of its first comprehensive normes on corporate governance, insurance regulator IRDA has proposed prompt action against insurance companies that do not follow these norms aimed at protecting policyholders' interest.
The whistle-blower policy will allow employee who spot irregularities to report in confidence to the chaiman of the board, or a panel of the board, or to external auditors. The appointed actuary and statutory internal auditors also are under obligation to report any irregularity to IRDA if any insuror fails to take corrective action.
The scam at satyam has turn the spotlight on the role of statutory auditors and teh role of independent directors. The guidlines provide for joint audit of each insurer by two statutory auditors. The eligibility criteria for auditors include being in continuous practice for 15 years and a two-year cooling-off period on completion of a tenure of 4-5 years as a statutory auditor in an insurance firm.
IRDA member CR Muralidharan said insurers need to familiarise themselves with corporate governance structures ahead of a listing on stock exchanges. The regulator is also working on extra financial disclosures to be made by companies that go public.